Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
Innovent Biologics Shares Rally on New Eli Lilly Oncology and Immunology Deal 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
MALVERN, Pa., May 08, 2018 -- Liberty Property Trust (NYSE:LPT), today announced that it has sold Five Crescent Drive, a 207,779 square foot office building at the Philadelphia Navy Yard for $130.5 million. The LEED® Platinum property is currently leased to GSK. The property was purchased by an affiliate of Korea Investment Management Co., Ltd (KIM) as advised by Coretrust Capital Partners, LLC.
“Five Crescent Drive is representative of the forward-looking work environment of the Philadelphia Navy Yard, which is the most successful redevelopment of a former Navy Yard in the nation," said John Gattuso, senior vice president and regional director for Liberty. "It has emerged as a vibrant business hub attracting talent from around the nation and investment from around the globe."
In connection with its joint venture partner, Synterra Partners, Liberty has developed 1.6 million square feet of high-performance office and industrial property at the Navy Yard. Currently under development is 1050 Constitution Avenue for Axalta Coatings Systems.
Liberty was represented by CBRE Capital Markets in the transaction.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom, through the development, acquisition, ownership and management of superior industrial and office properties. Liberty's 101 million square foot operating portfolio provides productive work environments for 1,200 tenants.
Inquiries:
Jeanne Leonard
Liberty Property Trust
610.648.1704
